Terminating Tax Shelters: Has California Broken the Legislative Logjam?

Posted: 30 Nov 2003

See all articles by Joseph Bankman

Joseph Bankman

Stanford Law School

Daniel L. Simmons

University of California, Davis - School of Law

Abstract

California has enacted some important new reporting requirements and penalties applicable to abusive tax shelters. Among the penalties is a codification of the economic substance doctrine in the form of an enhanced penalty provision. The reporting requirements apply to any tax shelter with a California investor, and thus may be of interest to advisers outside of California. In addition, the California provisions, modeled on existing federal rules, may provide guidance in crafting enhanced federal penalties. This article provides a brief overview of the new California legislation.

Suggested Citation

Bankman, Joseph and Simmons, Daniel L., Terminating Tax Shelters: Has California Broken the Legislative Logjam?. Tax Notes, Vol. 101, No. 10, December 1, 2003. Available at SSRN: https://ssrn.com/abstract=474281

Joseph Bankman (Contact Author)

Stanford Law School ( email )

559 Nathan Abbott Way
Stanford, CA 94305-8610
United States
650-725-3825 (Phone)
650-725-7663 (Fax)

Daniel L. Simmons

University of California, Davis - School of Law ( email )

Martin Luther King, Jr. Hall
Davis, CA CA 95616-5201
United States
(530) 752-2757 (Phone)

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